Exhibit 99.1
June 20, 2016
Argan, Inc.’s Wholly Owned Subsidiary Gemma Power Systems Completes Two Major Pennsylvania Power Projects
Rockville, Md. — Argan, Inc. (NYSE: AGX) announced today that its wholly owned subsidiary, Gemma Power Systems, LLC (“GPS”), has achieved Substantial Completion for both the Panda Liberty and Panda Patriot combined cycle power projects in Pennsylvania.
The twin 829 MW projects located in Bradford and Lycoming County, Pennsylvania, are state-of-the-art natural gas-fired facilities that will provide clean, reliable electric power to more than two million homes. These facilities were the first projects to be designed and sited specifically to capitalize on the Marcellus Shale natural gas formation in Pennsylvania.
As previously reported with the Company’s first quarter earnings, Panda Liberty achieved substantial completion in April 2016. The Company can now report that its twin project, Panda Patriot, achieved substantial completion on June 14, 2016. Substantial Completion means the facility has been turned over to the owner for commercial operation.
GPS, through a joint venture with The Lane Construction Corporation (“Lane”), was the Engineering-Procurement-Construction contractor for the projects.
“I want to recognize and thank all of the dedicated and creative men and women of GPS and Lane who worked tirelessly on these complex projects and delivered two world class projects to Panda Power Funds,” said William F. Griffin, Jr., GPS Chief Executive Officer.
“We also congratulate Panda Power Funds on adding two clean, highly efficient power projects to their growing portfolio,” Griffin said. “We appreciate the opportunity Panda gave us to again demonstrate our capabilities as we answer the challenge of building complex energy projects,” he said.
About Argan, Inc.
Argan’s primary business is providing a full range of services to the power industry including the engineering, procurement and construction of gas-fired and biomass-fired power plants, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns Southern Maryland Cable, which provides telecommunications infrastructure services, and The Roberts Company, which is a fully integrated fabrication, construction and plant services company.
